Group 1 - Mingya Fund announced that its public funds can invest in stocks listed on the Beijing Stock Exchange (BSE), becoming the second fund company to do so in September, following Zheshang Fund [1][2] - As of the second quarter report, 30 public fund companies have announced the ability to invest in BSE-listed stocks, with early entrants generally having larger asset management scales compared to later entrants [1][2] - The investment in BSE stocks is highlighted due to the different risk characteristics compared to the Shanghai and Shenzhen markets, necessitating full disclosure to protect investors' rights [2][3] Group 2 - A total of 60 BSE stocks have been heavily weighted in actively managed funds, with Jinbo Biological, Naconoer, Tongli Co., and Better Ray being among the most frequently held stocks [2] - Smaller funds have benefited from heavy allocations in BSE stocks, with some non-BSE themed funds also prioritizing BSE stocks in their portfolios, leading to improved performance [4] - The revenue data for BSE-listed companies has improved, with total revenue reaching 92.064 billion yuan in the first half of the year, reflecting a year-on-year growth of 6.01% [5][6]

2024年4月22日，北交所上线启用"920新代码号段"功能。新增上市公司通过摇号选号或直接选号方式确 定证券代码后，使用该证券代码一体完成询价、申购并在北交所上市交易。同时，以这一时间为划分， 锁定后续切换代码的存量上市公司范围，并向市场明确了248家存量上市公司的代码预留安排。 2024年5月30日，万达轴承登陆北交所，成为北交所"920新代码"第一股。 北交所表示，新旧代码对应关系可通过北交所官网"服务-新旧代码对照表"栏目查询。各市场参与人应 高度重视代码切换工作，按照北交所要求做好业务、技术、投资者服务相关工作。 此前的2023年9月1日，证监会发布《中国证监会关于高质量建设北京证券交易所的意见》，提出"启用 北交所独立代码号段，提高股票辨识度"。 【深圳商报讯】（记者 钟国斌）北交所近日发布《关于北交所存量上市公司代码切换上线的通知》， 自2025年10月9日起，北交所将为存量股票启用新证券代码。这意味着，北交所股票将全部切换为"920 新代码"。 资深新三板投资人周运南表示，"920新代码号段"标志着北交所有了一个全新的独享的上市身份证，彰 显了北交所作为第三家交易所的独立市场地位。同时，"92 ...

"为降低切换风险，请本次切换代码的上市公司配合本所妥善做好业务准备，统筹安排好各项业务办理 时间，减少切换上线期间的在途业务。其他上市公司的日常业务可正常办理。"《通知》称。 此前的2023年9月1日，证监会发布了《中国证监会关于高质量建设北京证券交易所的意见》，提出"启 用北交所独立代码号段，提高股票辨识度"。 2024年4月22日，为提升上市公司辨识度，方便投资者搜索、交易上市股票，经过前期周密准备，北交 所于2024年4月22日上线启用920代码号段功能。新增上市公司通过摇号选号或直接选号方式确定证券代 码后，使用该证券代码一体完成询价、申购并在北交所上市交易。市场各方可通过北交所官网"发行上 市"栏目查询新上市公司使用920证券代码的发行、上市进度。 当时，北交所表示，考虑到与存量上市公司切换920代码号段的工作衔接，北交所将在本次为新上市公 司启用920代码号段功能上线时，按照后三位不变方式为存量上市公司预留证券代码，后三位重复的， 对后上市公司按照上市时间先后顺序逐家对第四位代码做递进处理，直至与已预留的证券代码不重复。 2024年4月22日后新上市的公司将在剔除预留号码的代码区间内确定股票代码。 ...

此前的2023年9月1日，证监会发布了《中国证监会关于高质量建设北京证券交易所的意见》，提出"启用北交所独立代码 号段，提高股票辨识度"。 2024年4月22日，为提升上市公司辨识度，方便投资者搜索、交易上市股票，经过前期周密准备，北交所于2024年4月22 日上线启用920代码号段功能。新增上市公司通过摇号选号或直接选号方式确定证券代码后，使用该证券代码一体完成询 价、申购并在北交所上市交易。市场各方可通过北交所官网"发行上市"栏目查询新上市公司使用920证券代码的发行、上 市进度。 当时，北交所表示，考虑到与存量上市公司切换920代码号段的工作衔接，北交所将在本次为新上市公司启用920代码号 段功能上线时，按照后三位不变方式为存量上市公司预留证券代码，后三位重复的，对后上市公司按照上市时间先后顺 序逐家对第四位代码做递进处理，直至与已预留的证券代码不重复。2024年4月22日后新上市的公司将在剔除预留号码的 代码区间内确定股票代码。 2024年12月，北交所发布了《关于做好北京证券交易所存量上市公司证券代码切换准备工作的通知》，存量上市公司代 码的切换工作开始准备。期间经过了多轮的系统测试准备。直到今年的 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has announced the completion of preparations for the stock code switching of existing listed companies, which will take effect on October 9, 2025, marking a significant adjustment in the market's foundational system and reinforcing BSE's independent status as China's third-largest stock exchange [1] Group 1: Code Switching Process - The code switching initiative began on November 17, 2023, to implement the China Securities Regulatory Commission's "Deep Reform 19 Articles" and aimed to standardize the stock codes to the "920 code segment" [2] - The BSE adopted a phased approach, first switching new listings to the "920 code" on April 22, 2024, with the first stock, Wanda Bearing, listed under this new code shortly thereafter [2] - A total of six pilot stocks were selected for the code switch, chosen for their long listing history and high market recognition, ensuring efficient switching without triggering adjustment mechanisms [2] Group 2: Testing and Implementation - The BSE conducted extensive network testing, with four tests carried out in April 2025, involving various market participants to ensure smooth participation in the BSE [3] - The testing covered the entire business chain, facilitating a seamless transition for institutional investors to engage with the BSE [3] Group 3: Market Identity and Valuation System - The introduction of the "920 code" will create a distinct three-digit code structure among China's stock exchanges, enhancing BSE's market identity [4] - Experts highlight that the new code signifies a critical milestone in BSE's market development, improving the recognition of listed companies and aiding investors in making informed decisions [4] - The transition from "New Third Board" to "BSE listed companies" will further reshape the valuation system, with the "920 code" serving as a unique identifier [5] Group 4: Market Performance - The recognition of new stocks on the BSE has been increasing, with average first-day price changes of 218% in 2024 and 268% in 2025 [5] - As of April 2025, 58.11% of BSE-listed companies are classified as specialized, refined, distinctive, and innovative "little giants," with 69.57% of new listings in 2024 falling into this category [5]